Big Technologies PLC on Tuesday announced that Chief Executive Officer Sara Murray has been suspended from her role, effective immediately.
On the other hand, it also reported a ‘positive’ trading performance in line with expectations.
Nonetheless, Big Technologies shares were down 20% at 84.00 pence on Tuesday afternoon in London.
The Hertfordshire, England-based remote people monitoring technology firm said Murray’s suspension was owing to concerns in respect of her conduct.
These concerns, Big Technologies said, recently became apparent in connection with litigation relating to the company’s acquisition of Buddi Ltd. Big is currently defending a claim filed with the High Court of Justice of England & Wales in 2023, brought by ‘a small number of former [Buddi] shareholders’.
The company intends to undertake further investigations, led by Interim Chair Alexander Brennan, with Murray suspended while those investigations are ongoing.
Chief Financial Officer Daren Morris will assume the role of interim CEO ‘to provide leadership and ensure business continuity’ while Murray is suspended. Chief Operating Officer Charles Lewinton will continue working with Morris ‘to ensure operational continuity’.
Also on Tuesday, Big Technologies said it has had a positive start to the financial year and continues to perform in line with current market expectations.
Company-compiled forecasts, Big said, expect between £50.0 million and £50.2 million in revenue for 2024 with a consensus estimate of £50.1 million. The analysts polled also forecast adjusted earnings before interest, tax, depreciation and amortisation between £26.0 million and £27.1 million, with a consensus of £26.7 million.
‘The electronic monitoring market remains supported by favourable tailwinds and with the group’s clear strategy and market-leading products, the board remains confident that the group will return to growth with 2025 revenues exceeding those achieved in 2024,’ Big Technologies added.
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